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On British Columbia’s Coast for $2.5 Million: House Hunting in Canada

This four-bedroom, three-bath home sits on nearly five hilltop acres in Halfmoon Bay, a coastal village in British Columbia’s Sunshine Coast region, just west of Vancouver. The 4,300-square-foot house, completed in 2020, overlooks the Salish Sea and various islands in the Strait of Georgia.

The sellers, William and Shirley Van Esch, said that while readying the hilltop for construction, they discovered “a place where the rock dipped down, and we thought, hey, wouldn’t that make a nice wine cellar,” Mr. Van Esch said. They gave that instruction to their architect, along with a request for a top-floor kitchen, an elevator to the wine cellar, and a guesthouse connected to the main house by a breezeway.

They also preserved a small, natural pond on the property, building a ramp over it that leads to one of the home’s entrances. “Every spring we get this cacophony of frogs — we love it,” Mr. Van Esch said.

ferry terminal at the coast’s southern tip, in Langdale, is about a 50-minute drive from this property; the ferry ride to Vancouver’s Horseshoe Bay is 40 minutes. Float planes from Vancouver land in Sechelt.

The Sunshine Coast, nestled in the southwest corner of mainland British Columbia, stretches for 110 miles from Howe Sound up to Desolation Sound. The area includes the traditional territories of the Squamish, Sechelt, Sliammon and Klahoose nations, and has a population of roughly 50,000.

The region’s mountains, lakes, coastline and inlets make it a paradise for those seeking outdoor recreation. “It used to be Vancouver’s best-kept secret,” said Aliese MacKenzie, a sales agent with Re/Max City Realty. “About five years ago, we saw a real uptick in foreign buyers. That’s when prices started shooting up.”

The pandemic further enhanced the region’s desirability, as Vancouver residents “who were stuck in condos fled to bigger properties and the ability to have a home office,” said Sue Scott, a sales adviser with Engel & Völkers Vancouver.

market report from Re/Max Canada. That price — which makes the Sunshine Coast one of the more affordable regions in the Vancouver metro area — typically buys a 1,500-square-foot home with an ocean view in a more built-up location, like Sechelt, Ms. Stockwell said.

according to the government’s finance department. Temporary workers and international students are exempt from the ban.

Currently, foreign buyers in most areas of British Columbia must pay an additional 20 percent tax on home purchases. However, purchases on the Sunshine Coast are exempt from that tax, agents said.

“I’ve had buyers from California come up and purchase here specifically because there is no foreign buyers tax,” Ms. Scott said.

Buyers and sellers hire their own lawyer or notary to handle the transaction. Because the majority of properties on the Sunshine Coast are not connected to a municipal sewer, purchases require a septic system inspection, Ms. MacKenzie said.

Sotheby’s International Realty Canada, 604-989-8235,

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Instant Reaction: Housing Starts, October 19, 2022

Housing starts weakened in September, driven by insufficient single-family home construction and multifamily apartment building. Single-family units fell by 4.7%, and multifamily units by 13.2%. It is understandable for homebuilders to be cautious in light of slowing home sales and some recent private sector data that indicates softening lease signings for new apartments. Nonetheless, the latest monthly annualized rate of 1.44 million is lower than the historical average of 1.5 million, which is necessary to accommodate the rising population. Moreover, nearly 6 million net new jobs have been added to the economy in the past 12 months.

The rental vacancy rate of 5.6% nationwide is at a 30-year low, and the homeowner vacancy rate of 0.8% is at a 40-year low. The inventory of homes listed for sale has gone up a bit due to lengthening days-on-market, though well below pre-pandemic inventory conditions and still near historic lows. Meanwhile, new listings coming onto the market are actually lower this year compared to last year due to the interest rate lock effect, whereby homeowners are unwilling to trade away their 3% mortgage rate.

When mortgage rates retreat after inflation is tamed in the coming years, we could again encounter an acute housing shortage.

Bar graph: Annual Single Family Housing Starts, 1970 to 2021
Line graph: Monthly Single Family Housing Starts, January 2015 to September 2022
Bar graph: Annual Multifamily Starts, 1970 to 2021
Line graph: Monthly Multifamily Housing Starts, January 2015 to September 2022
Line graph: Inventory of Homes on Market, January 2000 to January 2022


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Tricon Completes the Sale of its Interest in U.S. Multi-family Portfolio for $315 Million of Proceeds

TORONTO–(BUSINESS WIRE)–Tricon Residential Inc. (“Tricon” or the “Company”) (NYSE: TCN, TSX: TCN), an owner and operator of single-family rental homes and multi-family rental apartments in the United States and Canada, confirmed today the closing of the previously announced sale of its 20% equity interest in a portfolio of 23 Sun Belt apartment buildings to a vertically integrated residential real estate investment and property management company, which will assume all asset and property management responsibilities for the portfolio after a customary transition period.

The sale resulted in gross proceeds of approximately $315 million to Tricon. The Company intends to use the net sale proceeds primarily to repay outstanding debt on its corporate credit facility, enhancing its balance sheet flexibility to pursue future growth in its core single-family rental business. Tricon also intends to use a portion of the proceeds to repurchase common shares under the normal course issuer bid announced on October 13, 2022.

About Tricon Residential Inc.

Tricon Residential Inc. is an owner and operator of a growing portfolio of approximately 34,000 single-family rental homes and multi-family rental apartments in the United States and Canada with a primary focus on the U.S. Sun Belt. Our commitment to enriching the lives of our residents and local communities underpins Tricon’s culture and business philosophy. We strive to continuously improve the resident experience through our technology-enabled operating platform and innovative approach to rental housing. At Tricon Residential, we imagine a world where housing unlocks life’s potential. For more information, visit

Forward-Looking Information

This press release contains forward-looking statements and information relating to expected future events and the Company’s financial and operating results and projections that involve risks and uncertainties, including statements regarding the Company’s intentions, growth and investment opportunities, and performance goals and expectations. Such forward-looking information is typically indicated by the use of words such as “will”, “may”, “expects” or “intends”. The forward-looking statements and information contained in this press release include, without limitation, statements regarding: the Company’s use of the net transaction proceeds and the expected debt reduction and balance sheet impact of that use.

If unknown risks arise, or if any of the assumptions underlying the forward-looking statements prove incorrect, actual results may differ materially from management expectations as projected in such forward-looking statements. Examples of such risks and uncertainties include, but are not limited to, the inability to complete the transaction described herein due to the failure to satisfy its requisite conditions, and other risk factors described in the Company’s continuous disclosure materials from time to time, available on SEDAR at Accordingly, although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.


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In Seattle, a Modern Home That Looks Toward the Sky and the Water

Back in 2009, while he was still training to become an architect, Daniel Toole listened intently as a friend’s parents mused about building a modern house next to their traditional home in Seattle.

The couple, Liliane and Michael Flacco, had an extra-wide lot and used much of it for a large garden. But after raising their sons, Mr. Toole’s friend Nicolas, now 39, and Alexander, 34, in the three-story, early 20th-century house, they wanted to downsize to a smaller, modern one. Their long-term plan was to subdivide the lot, sell the old house and build a new one where the garden was.

“We had lived in that house for 30-plus years,” said Mr. Flacco, 69, a retired anesthesiologist. But after the children grew up, “it was way more house than we needed.”

Ms. Flacco, 71, who was born and raised in Switzerland, was thrilled by the idea of designing something dramatically different from their old home. “I had always liked modern architecture,” she said. “My idea was to do a kind of Scandinavian, simple house.”

own firm. After pandemic-related construction delays, the house for the Flaccos was completed at the beginning of 2021, at a cost of more than $3 million.

Ms. Flacco developed a landscape plan with her friend Dodi Fredericks, a landscape architect, and has continued to tinker with the meadow-like gardens, which sprout with Japanese maple trees, hydrangeas, ferns and sedums. “I want a loose, more natural landscape,” she said, as a foil to the clean lines of the house.

There were moments when the Flaccos worried that a concrete house might feel too unforgiving, but their concerns were allayed once they moved in. “There are a lot of gray, wintry days in Seattle, and I was afraid that I would feel like I was in a bunker,” Mr. Flacco said. “But it’s a really warm, inviting house.”

“After a few days,” Ms. Flacco added, “I didn’t want to go back to the old house at all.”

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AG Mortgage Investment Trust, Inc. Provides Update to Shareholders

NEW YORK–(BUSINESS WIRE)–AG Mortgage Investment Trust, Inc. (NYSE: MITT) (the “Company”) announced today an update on its portfolio and liquidity position, including certain preliminary estimated financial information as of and for the quarter ended September 30, 2022.

In light of sustained market volatility and to enhance transparency to shareholders, the Company has elected to provide the following preliminary updates on its business and financial performance:

Book Value Per Common Share. The Company estimates that Book Value per share as of September 30, 2022 was between $10.97 and $11.07, as compared to $11.48 per share as of June 30, 2022. In addition, Adjusted Book Value per share as of September 30, 2022 was estimated to be between $10.63 and $10.73, as compared to $11.15 per share as of June 30, 2022.(1)

Liquidity Position. The Company’s liquidity position remains strong, with total liquidity as of September 30, 2022 estimated to be $79.7 million, consisting of $77.6 million of cash and $2.1 million of unencumbered Agency RMBS.

Investment Portfolio. The Company’s Investment Portfolio as of September 30, 2022 was estimated to be $4.3 billion as compared to $4.1 billion as of June 30, 2022. (2)

Leverage. The Company’s Economic Leverage Ratio is estimated to be 2.0x as of September 30, 2022 compared to 2.7x as of June 30, 2022. (3) Non-recourse and recourse financing as of September 30, 2022 is estimated to be $3.0 billion and $1.0 billion, respectively, as compared to $2.5 billion and $0.9 billion, respectively, as of June 30, 2022.

The Company continues to execute its disciplined financing strategy, focused on reducing warehouse exposure. During the quarter ended September 30, 2022 and through the date of this press release, the Company executed three rated Non-Agency and Agency-Eligible Loan securitizations, representing an aggregate of $1.3 billion of unpaid principal balance (including one securitization that priced in October 2022, representing $0.5 billion unpaid principal balance, which is subject to closing).

Warehouse Capacity. The Company had approximately $1.9 billion in available capacity under its warehouse facilities as of September 30, 2022. Following the completion of the recently priced securitization in October 2022, the Company’s available warehouse capacity will increase to $2.2 billion.

Stock Repurchases. During the third quarter 2022 and through the date of this press release, the Company repurchased 0.5 million shares of its common stock at a cost of $2.7 million.

The Company has not yet completed its quarterly financial close process for the three months ended September 30, 2022. The preliminary financial information set forth above reflects the Company’s estimates with respect to such information, based on information currently available to management, and may vary materially from the Company’s actual financial results as of and for the periods noted above. Further, these estimates are not a comprehensive statement or estimate of the Company’s financial results or financial condition. These estimates should not be viewed as a substitute for financial statements prepared in accordance with U.S. GAAP, and they are not necessarily indicative of the results to be achieved in any future period. Accordingly, a reader should not place undue reliance on these estimates.

These estimates, which are the responsibility of the Company’s management, were prepared by the Company’s management and are based upon a number of assumptions. Additional items that may require adjustments to these estimates may be identified and could result in material changes to these estimates. These estimates are inherently uncertain and the Company undertakes no obligation to update or revise this information.

About AG Mortgage Investment Trust, Inc.

AG Mortgage Investment Trust, Inc. is a residential mortgage REIT with a focus on investing in a diversified risk-adjusted portfolio of residential mortgage-related assets in the U.S. mortgage market. AG Mortgage Investment Trust, Inc. is externally managed and advised by AG REIT Management, LLC, a subsidiary of Angelo, Gordon & Co., L.P., a leading privately-held alternative investment firm focusing on credit and real estate strategies.

Additional information can be found on the Company’s website at

About Angelo, Gordon & Co., L.P.

Angelo, Gordon & Co., L.P. (“Angelo Gordon”) is a privately-held alternative investment firm founded in November 1988. The firm currently manages approximately $52 billion with a primary focus on credit and real estate strategies. Angelo Gordon has over 600 employees, including more than 200 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe and Asia. For more information, visit

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. Factors that may cause such a difference, include, without limitation, the Company’s ability to achieve the anticipated benefits of its origination and securitization strategy, the Company’s ability to grow at the pace anticipated or at all, the impact of uncertainty and volatility in the markets on the Company’s business and strategy, the Company’s pipeline, the Company’s liquidity, the Company’s financing strategy, including the ability to execute securitizations (including whether the securitization in October 2022 will close as anticipated or at all), the availability of capacity under the Company’s warehouse facilities which are uncommitted, the ability and timing of any stock repurchases, the Company’s management and resources, the Company’s ability to navigate challenging market conditions and harness MITT’s earnings power, including the ability to enhance shareholder value, and other risks and uncertainties, including those detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and its other reports filed from time to time with the U.S. Securities and Exchange Commission. All forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. The Company cautions investors not to unduly rely on any forward-looking statements.

The forward-looking statements speak only as of the date of this press release. The Company is under no duty to update any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations, and the Company does not intend to do so.

Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures. Management believes that this non-GAAP information, when considered with our GAAP financial statements, provides supplemental information useful for investors to help evaluate our financial performance. Our presentation of non-GAAP financial information may not be comparable to similarly-titled measures of other companies, who may use different calculations. This non-GAAP financial information should not be considered a substitute for, or superior to, the financial measures calculated in accordance with GAAP. Our GAAP financial results and the reconciliations of the non-GAAP financial measures included in this press release to the most directly comparable financial measures prepared in accordance with GAAP should be carefully evaluated.

The below table provides a reconciliation of the Company’s preliminary estimated range of its Book Value to its preliminary estimated range of Adjusted Book Value ($ in thousands, except per share data):






Book Value per share(1)









Net proceeds less liquidation preference of preferred stock per share









Adjusted Book Value per share(1)










(1) Book Value per share is calculated using stockholders’ equity less net proceeds of our cumulative redeemable preferred stock divided by the total common shares issued and outstanding. Adjusted Book Value per share is calculated using stockholders’ equity less the liquidation preference of our cumulative redeemable preferred stock divided by the total common shares issued and outstanding. Estimated Book Value per share and estimated Adjusted Book Value per share as of September 30, 2022 are based on 22,117,486 common shares outstanding on that date. Adjusted Book Value per share is a Non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section for additional information.

(2) The Investment Portfolio at period end consists of the net carrying value of our Residential Investments, Agency RMBS, and, where applicable, any long positions in TBAs, including mortgage loans and securities owned through investments in affiliates, exclusive of AG Arc LLC. Our Residential Investments and Agency RMBS are held at fair value.

(3) Economic Leverage Ratio is calculated by dividing total Economic Leverage, including any net TBA position, by our GAAP stockholders’ equity at quarter end. Total Economic Leverage at quarter end includes recourse financing arrangements recorded within “Investments in debt and equity of affiliates” exclusive of any financing utilized through AG Arc LLC, plus the payable on all unsettled buys less the financing on all unsettled sells and any net TBA position (at cost). Total Economic Leverage excludes any non-recourse financing arrangements. Non-recourse financing arrangements include securitized debt, as well as financing on certain Non-QM Loans. Our obligation to repay our non-recourse financing arrangements is limited to the value of the pledged collateral thereunder and does not create a general claim against us as an entity.


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Housing Affordability Improved in August 2022 as Monthly Mortgage Payments Declined

At the national level, housing affordability improved in August compared to the previous month, according to NAR’s Housing Affordability Index. Compared to the prior month, the monthly mortgage payment decreased by 4.4% while the median family income increased by 0.3%, making home buying more affordable in August. However, affordability is still significantly down from a year ago.

Compared to one year ago, affordability fell in August as the monthly mortgage payment climbed 43.7% and median family income rose by 3.1%. The effective 30-year fixed mortgage rate1 was 5.29% this August compared to 2.89% one year ago, and the median existing-home sales price rose 7.6% from one year ago.

Line graph: Housing Affordability Index, August 2021 through August 2022
Bar graph: Mortgage Rates August 2021 through August 2022

As of August 2022, the national and regional indices were all above 100, except in the West, where the index was 72.8. An index above 100 means that a family with a median income had more than the income required to afford a median-priced home. The income required to afford a mortgage, or the qualifying income, is the income needed so that mortgage payments on a 30-year fixed mortgage loan with a 20% down payment account for 25% of family income.2 The most affordable region was the Midwest, with an index value of 139.5 (median family income of $86,696 with a qualifying income of $62,160). The least affordable region remained the West, where the index was 72.8 (median family income of $96,069 and the qualifying income of $132,048). The Northeast was the second most affordable region with an index of 111.9 (median family income of $100,017 and the qualifying income of $89,376). The South was the second most unaffordable region with an index of 104.1 (median family income of $80,820 with a qualifying income of $77,664).

A mortgage is affordable if the mortgage payment (principal and interest) amounts to 25% or less of the family’s income.2

Bar graph: August Housing Affordability, 2022 and 2021
Bar graph: U.S. and Regional Median Family Income and Qualifying Income

Housing affordability3 had double-digit declines from a year ago in all four regions. The South had the biggest decline of 31.0%. The Midwest and West both experienced a weakening in price growth of 27.7%. The Northeast had the smallest dip of 23.3%.

Affordability was up in all regions from last month. The Northeast region rose 10.5%, followed by the Midwest with an incline of 4.1%. The West was up 4.0%, followed by the South, which had the smallest increase of 3.8%.

Nationally, mortgage rates were up 240 basis points from one year ago (one percentage point equals 100 basis points) from 2.89% to 5.29%.

Compared to one year ago, the monthly mortgage payment rose to $1,759 from $1,224, an increase of 43.7%. The annual mortgage payment as a percentage of income inclined to 23.9% this August from 17.2% from a year ago—largely due to higher mortgage rates. Regionally, the West has the highest mortgage-payment-to-income share at 34.4% of income. The South had the second-highest share at 24.0%, followed by the Northeast with a share of 22.3%. The Midwest had the lowest mortgage payment as a percentage of income at 17.9%. Mortgage payments are not burdensome if they are no more than 25% of income.4

Bar graph: U.S. and Regional Mortgage Payment as Percent of Income, 2022 and 2021
Line graph: Monthly Mortgage Payments, August 2021 through August 2022
Line graph: Median Home Prices, August 2021 through August 2022

Last week, the Mortgage Bankers Association released data showing that mortgage applications decreased by 2% from one week earlier. Mortgage rates remain above 5% but have declined in the previous two months. Monthly mortgage payments have also been on the decline in past months, putting less burden on incomes. Home prices are still growing 7%, but the median family home price was under $400,000 for the first time since March of this year. An increase in housing inventory and price declines in certain markets will help potential homeowners improve their chances of buying a home.

See the data release.

The Housing Affordability Index calculation assumes a 20% down payment and a 25% qualifying ratio (principal and interest payment to income). See further details on the methodology and assumptions behind the calculation.

1 Starting in May 2019, FHFA discontinued the release of several mortgage rates and only published an adjustable-rate mortgage called PMMS+ based on Freddie Mac Primary Mortgage Market Survey. With these changes, NAR discontinued the release of the HAI Composite Index (based on 30-year fixed rate and ARM) and starting in May 2019 only releases the HAI based on a 30-year mortgage. NAR calculates the 30-year effective fixed rate based on Freddie Mac’s 30-year fixed mortgage contract rate, 30-year fixed mortgage points and fees, and a median loan value based on the NAR median price and a 20% down payment.

2 Housing costs are burdensome if they take up more than 30% of income. The 25% share of mortgage payment to income takes into account that homeowners have additional expenses such as mortgage insurance, home insurance, taxes, and expenses for property maintenance.

3 A Home Affordability Index (HAI) value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index of 120 signifies that a family earning the median income has 20% more than the level of income needed pay the mortgage on a median-priced home, assuming a 20% down payment so that the monthly payment and interest will not exceed 25% of this level of income (qualifying income).

4 Total housing costs that include mortgage payment, property taxes, maintenance, insurance, and utilities are not considered burdensome if they account for no more than 30% of income.

5 The Mortgage Bankers Association (MBA) that analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit.


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Am I Living in an Illegal Sublet?

Q: I sublet my apartment from someone who, I believe, holds leases on a number of different apartments in and around Harlem, but doesn’t live in any of them. He sublets the units to different people, adding partition walls to bedrooms and living rooms to create additional bedrooms so he can rent more rooms. There are three of us in my apartment. The primary tenant collects our separate rent checks in person at the beginning of every month. The rent goes up at his whim and there is a constant turnover of tenants. Is this legal?

A: You are in a precarious situation with no easy solutions. The arrangement you’ve described is likely illegal, and may endanger your personal safety. Temporary walls can create fire hazards if they impede an escape route in an emergency, and cannot be installed without approval and a permit from the city.

Department for Housing Preservation and Development website. Explain the situation to the owner, as well as your concerns. “You don’t want to be paying rent to somebody who may not have forwarded it to the landlord,” Mr. Goldberg said.

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Home Bank and FHLB Dallas Award $5K to Slidell Affordable Housing Nonprofit

MANDEVILLE, La.–(BUSINESS WIRE)–Home Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) recently awarded $5,000 in Partnership Grant Program (PGP) funds to Northshore Housing Initiative (NHI), a Community Land Trust that supports affordable housing initiatives in St. Tammany Parish.

Awarded annually through FHLB Dallas’ member institutions, Partnership Grant Program (PGP) funds help promote and strengthen relationships between community-based organizations (CBOs) and FHLB Dallas members. FHLB Dallas matches member contributions of $500 to $4,000 at a 3:1 ratio.

“Northshore Housing Initiative supports Home Bank’s mission of serving our communities’ needs with affordable workforce housing,” said Kelvin Luster, community development director at Home Bank. “We are incredibly honored to support Northshore Housing Initiative alongside FHLB Dallas, which has allowed our investment to go further.”

NHI will use its PGP grant proceeds to expand its Community Trust Fund. The trust acquires land and maintains permanent ownership of it. It enters into a long-term, renewable lease instead of a traditional sale with homebuyers. When the homeowner sells, the family earns a portion of the increased property value and the remainder is kept by the trust to preserve the affordability for future low- to moderate-income families.

NHI is one of seven local nonprofit organizations that Home Bank is supporting with PGP funding this year. Together, Home Bank and FHLB Dallas contributed more than $67,000 to seven CBOs across Louisiana, Mississippi and Texas.

“Home Bank pours its resources into communities,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “It is an honor to partner with a financial institution that shows this level of commitment to caring for the affordable housing needs in its community.”

See the complete list of the 2022 PGP grant recipients. For more information about the 2022 PGP grants and other FHLB Dallas community investment products and programs, please visit

About Home Bank, N.A.

Home Bank, N.A., founded in 1908 as Home Building & Loan, is the oldest financial institution founded in Lafayette Parish. Home Bank now serves markets in South Louisiana and Mississippi in 40 locations. Home Bank is committed to serving the needs of our communities. Personal banking has always been Home Bank’s trademark and that tradition continues as we grow, invest and serve our clients and community. We live our values each day, focusing on integrity, innovation and a commitment to serving others. For more information about Home Bank, visit

About the Federal Home Loan Bank of Dallas

The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $77.7 billion as of June 30, 2022, serves approximately 800 members and associated institutions across our five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas. FHLB Dallas provides financial products and services including advances (loans to members) and grant programs for affordable housing and economic development. For more information, visit our website at


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Robert Toll, Who Mass-Produced ‘McMansions,’ Is Dead at 81

Robert Toll, who with his brother built an eponymous brand of luxury “McMansions” in the United States that became home to some 150,000 households, died on Friday at his home in Manhattan. He was 81.

The cause was Parkinson’s disease, his family said in a statement.

Mr. Toll, who grew up in a single-family Tudor-style home in suburban Philadelphia, initially pursued law as a career but quit after nine months. In 1967, he persuaded his father, a home builder, to give him two vacant properties on which he could construct colonial-style homes that were fully furnished and decorated.

“We built two houses,” Mr. Toll said. “Instead of selling them, we used them as samples for the lots we owned down the street.”

The brothers quickly built 20 more houses nearby and sold them for $17,490 each (about $152,000 in today’s money), reaping a small gain per home that produced an annual profit of about $12,000 for all of them. Last year, the average price of a home sold by Toll was $1.04 million; earnings were $833.6 million on revenues of $8.4 billion.

Toll Brothers, the two eventually created residences for 150,000 households.

Some critics derided their suburban, single-family residences as roomy “McMansions,” comparing them to a fast food product — cookie-cutter homes, often complete with soaring foyers and great rooms and luxurious master suites, derived from a few sample models and mass-produced (although Toll Brothers added custom amenities to buyers’ specifications).

The company expanded from the Northeast to Washington, D.C., in the 1980s and then to California in the 1990s. It now operates in 24 states, developing suburban enclaves, communities for older adults and urban high-rise apartments for affluent homeowners.

chairman and chief executive of Toll Brothers from its founding until 2010; he remained on the board of directors until recently, when he was named chairman emeritus. He oversaw the legal aspects of the business while his younger brother, Bruce E. Toll, the vice chairman of the board, was responsible for the bookkeeping.

Robert Irwin Toll was born on Dec. 30, 1940, in Elkins Park, Pa., a Philadelphia suburb. He was raised in a house built by his father, Albert, a Ukrainian immigrant whose brother, Herman, became a Democratic congressman from Pennsylvania.

The New York Times in 2005. His father later became a successful home builder and commercial property developer. His mother, Sylvia (Steinberg) Toll, was a homemaker.

Bob Toll received a bachelor’s degree in political science from Cornell University in 1963. In 1966, fulfilling his parents’ dream, he graduated from the University of Pennsylvania’s law school. He loved law school, he said, but disliked practicing law.

One of his clients was his father, for whom he did some legal work on two lots that Albert Toll hoped to develop in Chester County, Pa. When Bob suggested developing the property on his own, his father balked. But his son conspired with Albert’s partner and Bruce Toll, who was just graduating from the University of Miami with a major in accounting, and his father relented.

In 2005, The Real Deal, a New York real estate magazine, asked Mr. Toll in an interview whether all of his homes at the time — including a farmhouse in Bucks County, Pa. — were McMansions. He replied: “No, not at all. The home in Bucks County has an eight-foot ceiling on the first floor. There’s no vaulted ceiling. It’s not a big home compared to many of the homes that we have built. I would guess that it’s under 5,000 square feet.”

Mr. Toll was a wide-ranging philanthropist. He was on the board of the Metropolitan Opera, and his company became the lead corporate sponsor of the Met’s International Radio Network after Chevron-Texaco stopped supporting live Saturday matinee radio broadcasts in 2005.

Mr. Toll and his wife started the Robert and Jane Toll Foundation, which pledged more than $50 million to the University of Pennsylvania’s law school to expand a program that supports students pursuing careers in public service and social justice. He also supported Seeds of Peace, a program born out of a summer camp he attended as a child in Otisfield, Maine; it brings together Arab, Israeli, Indian and Pakistani teenagers to promote peaceful conflict resolution.

Mr. Toll, who had an earlier marriage, is survived by his wife, Jane (Snyder Goldfein) Toll; his brother, Bruce; five children, Laurie Franz, Deborah Gruelle, Joshua Goldfein, Rachel Toll Grassi and Jacob Toll; and 12 grandchildren.

Douglas C. Yearley Jr., the chief executive of Toll Brothers, said of Mr. Toll, “In so many ways, he is still with us, and Toll Brothers will always be his company because of what he taught us all.”

As a boss, Mr. Toll was lauded in the industry by a number of professional organizations. Not all of them, however, were aware of the pitchfork that he kept in his office and that he sometimes wielded during meetings to remind his company’s executives to proceed carefully in buying land or taking other risks.

“We didn’t want that pitchfork stuck in our rear end,” Mr. Yearley said.


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